TIDMURA
RNS Number : 9519D
Uranium Resources PLC
03 May 2013
Uranium Resources plc / Market: AIM / Epic: URA / Sector:
Exploration
3 May 2013
Uranium Resources plc ("URA" or the "Company")
Maiden Resource at URA's Mtonya Uranium Discovery in
Tanzania
Uranium Resources, the AIM listed uranium exploration company
operating in Tanzania, has completed a maiden CIM-compliant Mineral
Resource estimate for its 100%-owned Mtonya uranium deposit which
is located 100 kilometers east of Songea in southern Tanzania. The
Mineral Resource estimate was prepared by Roscoe Postle Associates
Inc. ("RPA") of Toronto, Ontario. The estimate has been developed
in compliance with CIM Standards and is supported by a National
Instrument 43-101 independent Technical Report. To view the
following release with maps and images please click on the
following link.
http://www.rns-pdf.londonstockexchange.com/rns/9519D_-2013-5-3.pdf
Highlights:
-- CIM Inferred Resource estimate of 3.6 million tonnes at 255 ppm U3O8 containing 2.0 Mlb U3O8
-- The current resource consists mostly of Tier 1 mineralisation
over 4.5 km of the 36 kilometre-long Mtonya Redox Corridor, which
includes the untested Nyoka and Lukimwa uranium targets
-- Only a short segment of Tier 2 has been drill-tested while
the deeper inferred Tier 3 has not been drilled
-- Mineralisation remains open in all directions, including the deeper Tier 2 and Tier 3
-- Remarkable continuity and mineral assemblages suggest
similarities with uranium deposits of Chu-Sarysu, Kazakhstan and
Wyoming, USA
Further Information
The resource estimate is based on 159 diamond drillholes
(38,591m) completed by the Company in 2010-2012. Only assays of
drill core samples were used in the resource estimate.
The resource includes both potentially open-pittable (above the
water table) material and uranium mineralisation below the water
table, which is potentially amenable to in-situ recovery (ISR). The
depth of the water table at Mtonya varies but generally is located
at a depth of 50-60 meters.
Estimates at a range of cutoff grades confirm that there is a
substantial and very robust component to the resource base, for
increasing the cut-off grade from 50 ppm to 100 ppm U3O8 reduces
the U3O8 pounds contained by a mere 5%.
The Inferred Mineral Resource is summarised in the table
below:
Cutoff Grade Depth Inferred Resource
-------------- ------------------- -------------------------------------------------
Tonnage (thousand Grade (ppm Contained U3O8
t) U3O8) (thousand lbs)
-------------- ------------------- ------------------ ----------- ----------------
50 ppm U3O8 Above water table 654 257 371
-------------- ------------------- ------------------ ----------- ----------------
Below water table 2,930 254 1,643
---------------------------------- ------------------ ----------- ----------------
Total 3,583 255 2,014
---------------------------------- ------------------ ----------- ----------------
100 ppm U3O8 Above water table 491 318 344
-------------- ------------------- ------------------ ----------- ----------------
Below water table 2,459 288 1,563
---------------------------------- ------------------ ----------- ----------------
Total 2,950 293 1,907
---------------------------------- ------------------ ----------- ----------------
200 ppm U3O8 Above water table 291 438 281
-------------- ------------------- ------------------ ----------- ----------------
Below water table 1,539 372 1,262
---------------------------------- ------------------ ----------- ----------------
Total 1,829 382 1,542
---------------------------------- ------------------ ----------- ----------------
Notes:
1. The Mtonya uranium mineralisation is located within the
boundaries of PL 4858/2007 held by Deep Yellow Limited, a
wholly-owned Tanzanian subsidiary of Uranium Resources plc.
2. CIM definitions were followed for Mineral Resources.
3. High grade assays were capped at 1,500 ppm U3O8 prior to
compositing.
4. Mineral Resources are estimated using a long-term uranium
price of US$75/lb.
5. A minimum width of 0.80 m was used.
6. Bulk density is 1.7 t/m3.
7. Numbers may not add due to rounding.
The 2012 drilling campaign was based on the Company's redox
interface model and focused on the uranium mineralisation in Tier 1
at a depth of approximately 150m. Only a limited number of holes
targeted Tier 2 (approximately 250 m deep) and some 95% of the ISR
resource identified is located within Tier 1.
Mtonya Redox Tiers generally correspond to different regimes in
the paleogeomorphology and paleohydrogeology of the Luwegu basin
and they have variable depths. Each tier is thought to be 120-150 m
thick and they may be as far as 500 metres apart laterally.
All diamond drilling at Mtonya is widely spaced and
mineralisation is open in all directions, including Tiers 2 and 3.
Exploration drilling currently covers an area of less than 70 sq km
of the Company's 625 sq km Mtonya group of tenements and
applications, which also host Nyoka, immediately adjacent to
Mtonya, and Lukimwa, a second priority roll-front uranium target
some 27 km southwest of Mtonya.
The internal studies of lithology and mineralogy carried out on
samples of mineralised drill core suggest persuasive similarities
with the uranium deposits of Kazakhstan, namely arkosic composition
of the sandstone, low content and composition of carbonate minerals
(<5%), ore mineralogy (uraninite, coffinite), and similar trace
element geochemical signature (selenium, molybdenum, vanadium, and
scandium).
Tier 1 uranium mineralisation occurs at depths ranging from 60m
to 180m below the surface. The thickness of the mineralised
sedimentary units ranges from 0.5 to 6m, and average grades vary
between 100 ppm U3O8 and 500 ppm U3O8. The individual zones exhibit
excellent lateral continuity, ranging from approximately 60m to
over 100m in width and 300m to more than 3,000m in length (parallel
to the general redox boundary). Individual bedded mineralised zones
can extend laterally (in the same stratigraphic position) for over
1,000 metres. These geometries correspond well to similar uranium
deposits in Wyoming, USA.
URA has discovered stacked roll-front uranium mineralisation in
Triassic-age sedimentary rocks at its 100% owned Mtonya Property
located in southern Tanzania. The discovery is significant as it
opens a new area of excellent exploration potential for additional
uranium resources. The current resource estimate is based primarily
on mineralisation intercepted close to surface and in the Tier 1
mineralised unit. Further infill drilling within the resource area
and lateral extension of known mineralisation could lead to a
substantial increase in resources. There is potential for
significant uranium mineralisation in Tiers 2 and 3 located below
Tier 1. Two other promising radiometric anomalies located to the
southwest, Lukimwa and Nyoka, are targets for further exploration.
Including Lukimwa and Nyoka, less than 10% of the prospective
ground on the Mtonya property has been drill-tested so far.
The URA drilling tested approximately 4.5 kilometres of strike
length in uranium mineralisation above and below the water table.
The Mtonya Redox Corridor, which includes the satellite targets of
Lukimwa and Nyoka, extends for approximately 36 kilometres.
The Company is currently planning to conduct infill and step-out
drilling programmes to further expand the Mtonya resource and to
execute a series of pump tests on Mtonya mineralisation.
The Company's exploration efforts focus on uranium resources
amenable to ISR, the most cost-effective and
environmentally-acceptable method of uranium extraction. The use of
ISR technology in extracting uranium, which requires lower capital
expenditures and minimises land disturbance, propelled Kazakhstan
to its current position as world's top uranium producer, increasing
its share of global uranium production from 6% in 2000 to 30% in
2012.
Uranium Resources Managing Director Alex Gostevskikh commented,
"The maiden Mineral Resource for Mtonya is very encouraging. In
particular, we are impressed with the robust continuity of the
mineralised strata and preliminary mineralogy analyses on core
samples. This initial Mineral Resource estimate at Mtonya is major
milestone and it signifies several crucial things: the potential of
the Luwegu basin for ISR uranium mineralisation, the ability of our
team to generate credible exploration models and, most importantly,
to bring these models to life. We are confident that the Luwegu
Basin presents ISR opportunities of the same scale as Mesozoic
basins in Wyoming, and our initial resource is the very first step
in the bright future of this uranium province."
About Mtonya
The Company's 100%-owned Mtonya project is situated about 60 km
south of Nyota, a significant uranium deposit currently developed
by Uranium One.
Mtonya is interpreted to be a classic sandstone-hosted
roll-front deposit with remarkable similarities to the deposits of
Chu-Sarysu, Kazakhstan and Wyoming, USA.
To date, Mtonya has demonstrated continuous uranium
mineralisation in stacked roll-fronts in Triassic arkoses, which is
expected to be amenable to in-situ recovery.
Assaying and QA/QC
The Company is using a Mount Sopris' Matrix gamma-logging system
to ensure proper instrument calibration and establish the framework
for disequilibrium adjustments. The disequilibrium factor (DEF) is
used to adjust the grade obtained from measurements by a gamma-ray
probe (eU3O8) and to provide rapid estimates for the uranium
content in the rock.
In addition to gamma-ray downhole surveys, Uranium Resources plc
uses the most reliable methods of quantifying uranium
mineralisation by sampling half-core and subjecting the samples to
the ME-MS41 and ME-ICP61 analytical methods at the ALS Global
laboratory in Vancouver, BC, Canada.
In accordance with industry standards, the assayed samples
include certified standards and duplicates. Analytical results are
routinely subjected to statistical review.
Competent Person's Declaration
The information in this announcement that relates to Exploration
Results and database is based on information compiled by and
reviewed by Alex Gostevskikh, Managing Director of Uranium
Resources plc, who is a Member of the Mining and Metallurgical
Society of America and Fellow of the Geological Society of London.
Mr. Gostevskikh has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves' and as a qualified person under the AIM Note for Mining,
Oil and Gas Companies. Mr. Gostevskikh consents to the inclusion in
the report of the matters based on his information in the form and
context in which it appears.
The Mineral Resource estimate has been completed by David Ross,
P. Geo., a Principal Geologist with Roscoe Postle Associates Inc.,
registered as a Professional Geoscientist in the Province of
Ontario (Reg. #1192). David Ross has some 18 years' experience as a
geologist and consultant on numerous mining and exploration
projects globally. David Ross is a full-time employee of Roscoe
Postle Associates Inc, an independent consultancy, and has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration, and to the
type of activity which he is undertaking to qualify as a Competent
Person as defined in the June 2009 Edition of the AIM Note for
Mining and Oil & Gas Companies. David Ross consents to the
inclusion in the announcement of the resource estimate in the form
and context in which it appears and confirms that this information
is accurate and not false or misleading.
Glossary
CIM Canadian Institute of Mining, Metallurgy
and Petroleum
-------------------------- ---------------------------------------------------
Cut-Off A grade level below which the material is
not "ore" and considered to be uneconomical
to mine and process. The minimum grade of
ore used to establish resources.
-------------------------- ---------------------------------------------------
Inferred Mineral Resource An 'Inferred Mineral Resource' is that part
of a Mineral Resource for which quantity
and grade or quality can be estimated on
the basis of geological evidence and limited
sampling and reasonably assumed, but not
verified, geological and grade continuity.
The estimate is based on limited information
and sampling gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
-------------------------- ---------------------------------------------------
Grade The metal content in ppm.
-------------------------- ---------------------------------------------------
Mineral Resource A concentration [or occurrence] of material
of economic interest in or on the Earth's
crust in such form, quality and quantity
that there are reasonable and realistic
prospects for eventual economic extraction.
The location, quantity, grade, continuity
and other geological characteristics of
a Mineral Resource are known, estimated
from specific geological evidence and knowledge,
or interpreted from a well constrained and
portrayed geological model. Mineral Resources
are subdivided, in order of increasing confidence
in respect of geoscientific evidence, into
Inferred, Indicated and Measured categories.
-------------------------- ---------------------------------------------------
ppm Parts per million
-------------------------- ---------------------------------------------------
U3O8 The chemical symbol for uranium oxide (yellowcake)
-------------------------- ---------------------------------------------------
**ENDS**
For further information please visit www.uraniumresources.co.uk
or contact:
Alex Gostevskikh Uranium Resources plc Tel: +1 778 294 5866
Ross Warner Uranium Resources plc Tel: +44 (0) 7760 487769
Samantha Harrison RFC Ambrian Ltd (Nomad) Tel: +44 (0) 20 3440 6800
Jason Robertson Optiva Securities Ltd Tel: +44 (0) 20 3137
1904
Hugo de Salis / St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Felicity Edwards
About Uranium Resources
Uranium Resources plc is an AIM listed exploration and
development company. It is the Company's strategy to advance its
existing assets and strengthen its portfolio via opportunistic
acquisition. Uranium Resources has uranium licences in the highly
prospective Karoo Basins in southern Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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